Bitget plans to acquire GMO-Z.com Cryptonomics, a licensed Thai exchange operator, less than a month after a cyberattack that affected approximately $388 million in assets. The deal still needs regulatory approval, and the target has reported operating losses for three years.
Bitget announced plans to acquire GMO-Z.com Cryptonomics (Thailand) on October 20, aiming to set up local operations in Thailand. The buyer is BTGT Management (Thailand), a company in which Bitget holds an interest.
Neither the ownership percentage Bitget holds in BTGT Management nor the purchase price is public. GMO Internet's filing says the price stays undisclosed at the buyer's request.
Seller targets October 31 for the share transfer
GMO Internet and its Thai subsidiary together hold 99.94% of the operator. The seller scheduled the share transfer for October 31, but the date remains a target because regulators have not yet approved the deal.
GMO-Z.com Cryptonomics runs the Z.com EX trading platform, which launched in February 2021. The operator recorded an operating loss of 74.16 million baht in 2025, compared with 101.68 million baht in 2024 and 115.33 million baht in 2023.
Revenue also fell, from approximately 13.2 million baht in 2024 to 11.02 million baht in 2025.
Deal follows the September 24 breach
The acquisition plans come after a September 24 cyberattack on Bitget's hot and warm wallet infrastructure. Bitget later estimated that approximately $387.5 million in assets moved to attacker-controlled addresses.
Bitget said customer account balances were unaffected and its cold wallets remained secure. Bitget completed its phased restoration of withdrawals on October 2, while efforts to trace and recover the stolen funds continued.
Approval still stands between Bitget and Thai users
Thailand requires crypto exchanges to obtain authorization from its Securities and Exchange Commission. Bitget's terms of use, updated in October, still list Thailand among restricted jurisdictions for its international platform.
Bitget must therefore complete the transaction and obtain approval for the change of control before it offers services to Thai customers. It has not announced a launch date.
Source: crypto.news
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